UnidosUS Launches HOME Initiative to Ignite Latino Home Ownership

UnidosUS, a nonprofit, nonpartisan Hispanic civil rights organization, has launched HOME (Home Ownership Means Equity), a new initiative that seeks to influence systemic change and catalyze the creation of four million new Latino homeowners by 2030. HOME will address multifaceted challenges Latinos face in trying to buy a home by expanding market opportunities and providing potential homeowners with the resources they need to navigate the home-buying process.

the possibilities for Latino homeownership opportunities in the U.S.

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Wells Fargo is the first anchor funder of the HOME initiative as part of a larger, $25 million philanthropic investment in UnidosUS community-focused programs and nonprofit Affiliate partners to advance Latino homeownership. Of the $25 million in grant funding, $10 million will support the development of the HOME initiative, matching a $10 million investment from UnidosUS and kickstarting a robust $100 million fundraising effort to best undergird the program's goals over the next seven years. UnidosUS has long been committed to helping mortgageready Latinos and aspiring homeowners create pathways to build their credit, afford a down payment, overcome language barriers, avoid predatory lending and get approved for a sustainable mortgage. The HOME initiative is a cross-sector partnership that will accelerate and expand

"Homeownership has long provided the most effective pathway for families to build generational wealth in America. While Latinos continue to face barriers becoming homeowners, they also have the greatest opportunity for homeownership growth in the U.S. To maximize this opportunity, we are launching the HOME initiative to help create four million new Latino homeowners by 2030," said Janet Murguía, President and CEO of UnidosUS. "Our comprehensive strategy will help shape needed policy reforms while providing tools and resources Latinos need to successfully navigate the homebuying process. Bolstering Latino homeownership isn't just smart policy; it will pay economic dividends to neighborhoods, communities and our country."

"We need to make homeownership more accessible, especially in historically marginalized communities," said Kristy Fercho, head of Diverse Segments, Representation and Inclusion at Wells Fargo.

"We will continue to expand our programs to reach more customers in underserved communities by leveraging our strong partnerships with UnidosUS and other non-profit organizations to break down the systemic barriers that make homeownership more difficult to attain and help make the dream of homeownership accessible to all Americans."

"Latino households are poised to drive most net new homeownership in the United States through at least 2040. As the research partner for HOME, we are excited to bring data and analysis to help UnidosUS craft an evidence-based strategy to unlock this potential," said Janneke Ratcliffe, Vice President of Urban Institute's Housing Finance Policy Center. "We will support the development of evidence-based practices, track progress in meaningful ways and work to bridge knowledge gaps to move toward a more equitable state of homeownership America."

The HOME initiative will support homebuyer readiness, expand credit access, increase housing supply and preserve homeownership. Specifically, the UnidosUS HOME agenda will:

• Create access to credit by modernizing lending rules, supporting ITIN holders and self-employed borrowers, diversifying language access and enhancing credit access for innovative housing solutions

• Increase housing supply by supporting increased density through zoning reforms, leveraging federal tax policy to boost supply for first-time homebuyers and supporting construction labor force

• Preserve homeownership by leveraging interagency appraisal task force, enhancing accessibility of home renovation loans and supporting policies facilitating inter-generational wealth transfer

• Activate select UnidosUS's community-based Affiliate organizations to provide consumer education and housing counseling that help prospective Latino homeowners make informed decisions in their homebuying journey

• Bolster the representation of Latino leadership, among other mechanisms, to empower leaders with lived experiences in the housing industry

For more information about the HOME initiative, please visit https://unidosus.org/ homeownership.

(En español, p. 19)